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Currencycloud gets closer to Singapore MPI licence approval
Thu, 7th Mar 2024

Visa solution Currencycloud has earned an In-Principle Approval (IPA) for a Major Payment Institution (MPI) licence holder from the Monetary Authority of Singapore (MAS). This approval paves the way for Currencycloud to provide a complete suite of intra-regional and international services to businesses based in Singapore.

The new licence will facilitate Currencycloud's provision of services to customers in the Asia Pacific region, allowing them to collect, convert, hold, send and spend multiple currencies simultaneously in over 180 countries and territories. If granted the Singapore MPI licence, Currencycloud would be able to broaden its range of services, efficiently processing transactions within Asia and from east to west on a seamless platform.

This licence will help businesses in Singapore make conversions and payouts according to their native time zones and currencies. By utilising its global and local networks and multiple-currency account infrastructure, Currencycloud is also poised to expedite the set-up of new financial services for enterprises, providing banks with efficient go-to-market service innovations.

This recent accolade closely follows Currencycloud's achievement of an Australian Financial Services Licence, allowing it to deliver services to the Australian market. Drawing allusions to these robust developments, Rohit Narang, Managing Director of APAC at Currencycloud, said, "The IPA for a Major Payment Institution Licence is testament to the strength of the Currencycloud brand. Having the licence would allow us to integrate with the robust financial network in Singapore and collaborate with valuable industry players. The payments opportunity in Asia-Pacific is significant, and Singapore's excellent infrastructure, world-class regulatory system, and strategic geographical location serve as an ideal base for accelerating future payments innovation across the region."

Zvi Appel, Co-founder of OPAL, a Currencycloud client in Singapore, highlighted the beneficial partnership with Currencycloud, saying, "They provided us with the ease of use, speed and transparency demanded by our customers today. With new services to be offered, Currencycloud can help us stay competitive while we grow our lines of business within the region and beyond."

In the coming months, Currencycloud plans to roll out a series of new services as an addition to its products aimed at minimising friction in traditional cross-border money movement.